Premium Resources Ltd. Expands Selkirk Mine Drilling for Resource Optimization and Growth
- Premium Resources Ltd. initiates a surface drilling program at Selkirk mine to expand resources and optimize metallurgy.
- The company plans to drill 12 new holes and resample 34 historical ones to update resource models.
- Premium Resources has partnered with ICP Securities for market-making to enhance liquidity and investor interest.
Premium Resources Ltd. Expands Drilling Program at Selkirk Mine for Resource Optimization
Premium Resources Ltd. (TSXV: PREM) launches an ambitious surface drilling program at its Selkirk mine in Botswana, aiming for significant resource expansion and metallurgical optimization. This project involves drilling 12 new holes designed to twin historical drill sites. The purpose is to validate legacy data and provide a solid foundation for an updated resource model. In addition to the new drilling, the company plans to resample 34 historical holes, which will further enhance the understanding of the mineral deposit and its potential.
The Selkirk mine has a storied history, previously producing over 1 million tonnes of high-grade copper-nickel sulphides from 1989 to 2002, with impressive grades of 2.6% nickel and 1.5% copper. The existing historical resource estimate indicates a substantial quantity of mineral resources, with 128.4 million tonnes classified as Measured and Indicated at grades of 0.21% Ni and 0.23% Cu, alongside 123.8 million tonnes classified as Inferred at grades of 0.17% Ni and 0.19% Cu. CEO Morgan Lekstrom underscores the critical role of resampling historical drill cores in the reclassification of resources, which is essential for propelling the project towards future development milestones.
The ongoing metallurgical program at Selkirk aims to refine orebody domains and create a comprehensive model that can lead to an updated Mineral Resource Estimate (MRE). By enhancing the understanding of the deposit's characteristics, Premium Resources seeks to maximize the mine's potential and ensure sustainable growth. The strategic focus on these drilling initiatives reflects the company's commitment to advancing its projects and optimizing resource extraction processes in the competitive mining industry.
In tandem with the drilling program, Premium Resources Ltd. has engaged ICP Securities Inc. to provide automated market-making services. This partnership, which will last for four months at a monthly fee of C$7,500, aims to improve the balance of share supply and demand, further strengthening the company's position in the market. The collaboration highlights the company's proactive approach to enhancing liquidity and investor interest as it moves forward with its technical initiatives at the Selkirk mine.